Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
The Ukrainian parliament adopted the draft law “On Virtual Assets” Wednesday, which legally recognizes crypto in the country for the first time.
Anastasia Bratko of the Ministry of Digital Transformation said the law allows companies to launch digital asset markets in Ukraine and enables banks to “open accounts for crypto companies.”
Russia also got in on the action, with Anatoly Aksakov — the chairman of the Russian State Duma Committee on Financial Market — claiming that lawmakers are now weighing up the idea of recognizing the crypto mining industry as a form of entrepreneurship under local business laws.
Yuga Labs, the creators of the immensely popular NFT project Bored Ape Yacht Club, auctioned off a collection of 101 tokenized apes for $24 million this week.
The auction closed on Sept. 10 and was hosted by Sotheby’s, which estimated that the collection would fetch between $12 million and $18 million. Given that the winning bid was $24 million, each Bored Ape in the collection was valued at an average price of roughly $241,000, or 71.24 Ether (ETH), at the time of publication. The figure tallies in well above the floor price on OpenSea’s secondary market of 34 ETH ($115,000 at time of writing).
In some rare nonfungible-based FUD, however, reports surfaced earlier this week that the NFL had barred all teams and members from crypto-related sponsorships, advertisements and NFT sales. The league appears to be putting a pause on crypto hype until it establishes a strategy “for sports digital trading cards and art.”
While MicroStrategy continues to snap up and hodl outrageous amounts of Bitcoin under the guidance of CEO Michael Saylor, strategists have posited that top executives at the firm might not be so fond of the current business model.
Recent filings with the SEC revealed that the company’s top-level execs, such as chief financial officer Phong Le and chief technology officer Timothy Lang, both sold off stock in August of this year by exercising around 30% of the options they received as compensation. Saylor himself has not sold any shares since 2012.
Matt Maley, the chief market strategist of Miller Tabak + Co. has argued that the decisions may reflect concerns about the long-term viability of Saylor’s “hodl modl” and his laser-eyed commitment to tying the company’s fate so closely to the price of BTC increasing over time.
“Senior executives do not sell stock if they think it’s going higher. It’s just a bad sign no matter how you slice it,” Maley said.
El Salvador President Nayib Bukele revealed Monday that the government had snapped up 200 BTC in preparation for the Bitcoin Law going live on Tuesday. The law recognizes digital gold as legal tender.
While the BTC price crashed following the major news event, Bukele was unfazed as the government “bought the dip” by purchasing another 150 BTC during the depths of the mass sell-off that saw the price dip below $43,000.
Regarding the Bitcoin Law, Javier Argueta, the legal counsel to the Presidential House of El Salvador, reportedly clarified the obligations of businesses a day before it went into effect. Argueta stated that businesses are mandated to hold a crypto wallet and accept BTC from customers — but they are also able to…
Read More: cointelegraph.com